Short Sale Assistance for Laguna Beach homeowners

The number of Laguna Beach short sales coming on the market has seen an increase in the past 12 to 18 months. As the number of foreclosures in Laguna Beach has seen a decline in the number of sellers turning to short sell their homes has become more of a commonplace. There are a lot of Laguna Beach homeowners who are upside down with their current mortgage may qualify for a short sale. Not all applicants will qualify for a short sale so it's important to speak with a skilled short sale realtor you can see if you qualify for a short sale. A short sale, or commonly referred to as a "short pay to the bank" is a great alternative to letting your home going into foreclosure and/or filing for bankruptcy. Short sales due take several months to process as the banks have their own internal checks and bounces for approving the short pay of your home. For example, let's say you bought your home in 2007 four $3 million and now the home is worth $2 million dollars. If you got a loan on that $3 million dollar home for $2.5 million then you would be asking the pain to forgive $500,000 dollars. Short sales are easier to work with when you are only dealing with one bank, but a lot of Laguna Beach homeowners have taken out equity loans and lines of credit which are considered second and third trust deeds. When we are dealing with second and third trust deed holders a short sale is a little more complicated to get approved. However, the most important thing is to see if you qualify for a short sale.The banks and the banks investors will want to see missed mortgage payments and little money in the bank. We are starting to see a trend where banks will approve homeowners for a short sale without the homeowners missing any mortgage payments. This is a win-win situation for everyone involved as the owners credit is not compromised and the bank still continues to receive money on the mortgage. There are lot of things to consider when doing a short sale. We recommend you speak with your tax advisor and attorney for any tax consequences that may result from doing a short sale. For more information on how to short sell your Laguna Beach home please contact us today at 949-388-3685 for a free market evaluation of your home. Retrieved from "http://www.articlesbase.com/customer-service-articles/short-sale-assistance-for-laguna-beach-homeowners-4002617.html" (ArticlesBase SC #4002617) Liked this article? Click here to publish it on your website or blog, it's free and easy! Beach Cities - About the Author: Beach Cities Real Estate specializes in short sales and helping homeowners short sell their homes.  If you are thinking of doing a short sale please contact us today at 949-388-3685.  Beach Cities specializes in Laguna Beach Short Sales and Laguna Beach Real Estate and is eager to help you short sale your Laguna Beach home.